Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Cash Cash Receipts $528,000 payments $469,300 344,800 522,000 January February March 403,500 478,000 credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $40,000 at each According to month-end. In return, the bank has agreed that the company can borrow up to $150,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) KAYAK COMPANY Cash Budget For January, February, and March January February March Beginning cash balance 40,000 $ 40,000 403,500 Cash receipts 528,000 Total cash available 568,000 443,500 469,300 Cash payments 344,800 522,000 Interest expense 800 0 Preliminary cash balance 97,900 Additional loan (loan repayment) 57,900 40,000 Ending cash balance Loan balance Loan balance - Beginning of month 80,000 C Additional loan (loan repayment) 57,900 Loan balance End of month FA